Canadian dairy giant Saputo has increased its bid for Warrnambool Cheese and dropped all conditions. Source: AAP
CANADIAN dairy giant Saputo's latest takeover offer for Warrnambool Cheese and Butter has been backed by the Victorian company's board.
With trading in Warrnambool shares halted until Tuesday at the company's request, Saputo increased its offer to $9 a share and dropped all conditions relating to its offer.
Warrnambool board chairman Terry Richardson says the Saputo bid is the best proposal for shareholders at present.
"The board has decided to unanimously recommend the revised Saputo offer, in the absence of a superior proposal," he said in a statement.
The company originally offered $7 a share before increasing that to $8 and then to $9 late on Friday, matching an offer by Australia's Murray Goulburn Co-operative that values the company at $505 million.
A third bidder, Bega Cheese, increased its original offer of 1.2 of its shares plus $2 cash for each Warrnambool share. The revised offer of 1.5 shares plus $2 in cash was worth $8.87 for each Warrnambool share.
Mr Richardson says the board's support for Saputo's latest offer reflects the increased cash and certainty compared with rival proposals.
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